Debit+ is just like an everyday debit card that lets your customers split eligible purchases over $100 into 4 interest-free payments in the app. It also links up with their existing bank accounts, and funds will be withdrawn from there after they make a purchase.
Eligibility requirements (for customers to be have access to Debit+) include (but are not limited to):
- Be 18 or older
- Have (or create) an Affirm account
- Live in the United States (sorry, but residents of U.S. Territories aren’t eligible at this time)
- Have a Social Security number
- Maintain a good repayment history with Affirm
- Have a bank account that can be linked through one of our service providers
Many prospective customers may already enjoy buying products and services with Affirm. Proactively educating them on this feature allows them to access Affirm's functionality with products and services with businesses that may not yet be leveraging Affirm's other offerings (Buy With Affirm, Affirm Anywhere, Virtual Card). This can help convert more prospective customers that are on the fence.
How It Works
Let’s take a closer look at its features and how your shoppers can benefit from it.
As mentioned, Debit+ works wherever Visa is accepted (Debit/Credit).
You have the flexibility to split your payments prior to purchasing, or up to 24 hours AFTER the purchase, allowing the consumer time to be more strategic on how they'd like to pay over time.
Because Debit+ is a true debit card, there is no impact to a consumer's credit score.
Debit+ gives your customers an easy way to manage, split, and view their purchases.
Customers can check to see if they have access to Debit+ by scanning this QR code with their phone. Additionally, if they are already use Affirm, they may get an email invitation to this feature.
Q: How can customers split a payment?
A: It’s easy. They can plan to split a purchase before they pay or up to 24 hours after a purchase using the Debit+ app. They’ll have the option to split purchases from $100–$1000 (additional eligibility requirements apply).
Q: What transaction limits apply to the Debit+ card?
A: The Affirm Debit+ card has a flexible spending limit based on the available balance in the personal bank account customers link to the Affirm Debit+ app. The card has a maximum $2,500 daily limit and maximum $15,000 monthly spending limit, though, the actual limit may be less if the available balance in the linked account is less. Customers may not make any transaction that would cause the available balance in their Affirm Debit+ card account to be negative by more than $1,500.
Q: Are there any limits to what customers can split?
A: The Affirm Debit+ card lets customers split most purchases between $100–$1000, subject to their pay over time limit. They’ll find a list of ineligible purchase categories here: https://helpcenter.affirm.com/s/article/availability-and-restrictions. This list is not exhaustive; there may be additional categories or merchants that Affirm restricts in its discretion.
Q: Is it really interest free?
A: Yes, Debit+ currently only offers the interest-free pay-in-four option for eligible purchases of $100-$1000. In the future, we may offer additional limits and payment options.
Q: Where does the split limit come from?
A: The amount customers have available to split is based on their history with Affirm and their credit eligibility. This limit goes down when they split an item and becomes available again as they make payments.
Q: How can customers split a payment before they purchase?
A: Pay later with Affirm allows customers to apply for installments in the app before making a purchase with Debit+. It’s only available for eligible purchases over $100 and must be used within 2 hours of approval. Purchases under $100 will be processed as debit transactions.
To split a payment before a purchase, customers have to open the Debit+ app > Tap Pay later with Affirm within the Purchases tab > Tap Request amount > Use the slider to select their requested purchase amount > Tap Continue.
Q: Why do Debit+ charges not show up immediately in checking accounts?
A: Because we ask customers to connect Debit+ to their existing bank account, delivery of ACH transfers can take 1–2 business days. This time also allows for the 24-hour time period to choose to split an eligible transaction in the app.
Q: Can customers pay off a purchase early?
A: Yes they can. They just have to go into the Debit+ app, tap on the specific purchase details > Manage payments > Make one time payment > tap Remaining balance > Continue.
Q: Can customers use Debit+ abroad?
A: Right now, they can only use Debit+ in the United States of America (except New Mexico and US Territories).
Q: Can customers use Debit+ in ATMs?
A: The card currently does not support ATM withdrawals.
Q: Are there overdraft fees?
A: Not from Affirm, but banks may charge customers an overdraft fee if there are insufficient funds in their linked account to cover a payment.
Q: Where is the physical card?
A: Customers will receive a virtual card for immediate use within the app, and their physical card should arrive in 7–14 days after creating their account.